but this is clearly important, important times in development of this body of law and understanding how investors relate to one another vis-a-vis their claims against this bankrupt debtor, the city of detroit. >> i mean, this comes as we've seen a huge new investment in mu ni bonds from the likes of hedge funds. those who support this say, look, this will lead to greater trading, more transparency bond pricing and sort of a greater discipline on government. do you believe that and how are those investors going to react to detroit? >> well, the $4 trillion municipal bond market is really an interesting amalgamation of different types of investors. one note that we are all aware of is that there is less participation by sophisticated institutional investors who don't have a benefit from the tax exemption that we enjoy here against u.s. federal state and local taxes. so as these credits become stressed and distressed, and these situations emerge, firms like ours, other firms, become interested in the relative value of these bonds. so it's in these times and others, frankly, that we welcome